Kenneth Tiong: "There's a number in your CPF account that hasn't moved in 18 years. In 2008, CPF gave you a bonus 1% interest on your first $60,000. That number hasn't changed. What has changed: the Full Retirement Sum (FRS) you need has more than doubled."
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"[The Cap That Stood Still]
There's a number in your CPF account that hasn't moved in 18 years.
In 2008, CPF gave you a bonus 1% interest on your first $60,000. That number hasn't changed. What has changed: the Full Retirement Sum (FRS) you need has more than doubled.
So the bonus that once covered more than half of your target now covers barely a quarter of it. Same cap, different world.
I asked the Minister for Manpower why this cap hasn't been reviewed when other major CPF parameters are revised regularly. Swipe through to see my questions, the answer, and what it means for your money."